Existing-Home Sales Rebound in July as Price Growth Stalls, NAR Data Show

11:54 AM EDT, 08/21/2025 (MT Newswires) -- Existing home sales in the US unexpectedly rose in July as price growth nearly stalled, data from the National Association of Realtors showed Thursday.

Sales increased 2% sequentially to a seasonally adjusted annual rate of 4.01 million units last month, following a 2.7% decline in June. The consensus was for a 0.3% decrease in July, according to a survey compiled by Bloomberg.

On an annual basis, existing-home sales rose 0.8%.

The median sales price of existing homes ticked up 0.2% year over year to $422,400, marking the 25th straight month of annual gains. BMO Economics said that's the slowest pace since 2023, though home values have ballooned more than 40% over the last five years.

Single-family home sales reached 3.64 million units last month, up 2% from June, NAR data showed. Existing condominium and co-op sales rose 2.8% to 370,000 units. Housing inventory rose 0.6% sequentially and nearly 16% from a year earlier.

"Despite more listings, buying activity remains muted amid elevated mortgage rates, the poorest affordability in decades and a slowing job market," BMO Capital Markets Senior Economist Priscilla Thiagamoorthy said in a report published Thursday.

The 30-year fixed-rate mortgage averaged 6.72% in July, down from 6.82% in June and 6.85% one year ago, according to NAR, citing Freddie Mac data.

"Wage growth is now comfortably outpacing home price growth, and buyers have more choices," NAR Chief Economist Lawrence Yun said. "Near-zero growth in home prices suggests that roughly half the country is experiencing price reductions. Overall, homeowners are doing well financially."

On Wednesday, the Mortgage Bankers Association said mortgage applications in the US fell last week as the 30-year fixed rate on conforming loans ticked higher.

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